SLDC presents incentive reforms, says Millennium Hotel tax abatement removed from current board bill

Saint Louis — Representatives of the Saint Louis Development Corporation told the Real Estate Committee on Aug. 18 that the agency is revising how it evaluates and applies development incentives and that the board bill tied to the Millennium Hotel project will be amended to remove a proposed long-term tax abatement so only blighting and environmental/demolition work remain in the current measure. The changes matter because tax abatements and other incentives change how property tax revenue flows to city taxing districts, including Saint Louis Public Schools. SLDC officials said incentive packages are intended to close a financing gap that often prevents large projects from proceeding in the city. Otis Williams, interim president and CEO of the Saint Louis Development Corporation, told the committee that “the board bill that is … representing the tax abatement for the project has been will be amended by the…